Neither is a particularly good investment. I would say if your goal is investing, just buy a mutual fund that matches the S&P 500 and call it a day.
I personally don't think it's smart to put too much money in any one individual stock. With all the resale restrictions that DVC is adding, I wouldn't count on making your money back if you sell.
The problem is people keep using the word "investment" wrong. Investing is not synonymous with "capital appreciation".
Buying DVC for X dollars today with the hope to sell it in 10 years for X + Y is capital appreciation.
Investing is spending money with the intention of receiving positive financial returns. Capital appreciation is a type of investment, but it is not the only type.
Think of a manufacturing company. They invest 1 million dollars in a piece of machinery that builds some sort of gadget. The investment is not that they hope to sell the machine for a higher price in 10 years. The investment is that they hope the machine will produce enough gadgets that they can sell for more than the cost of the machine itself.
DVC is the same thing. The investment in DVC is not in hoping that the contract appreciates in price. If it does, that's a bonus. The investment in DVC is that it produces a cost savings vs cash prices for the same resort.
An investment in DIS stock is the hopeful capital appreciation.
An investment in an ETF or Mutual Fund is capital appreciation.